Dubai continues to lead the way in adopting blockchain technology, as the city seeks to keep itself 10 years ahead of the rest of the world.

DEMOCRATIZING TOURISM IN DUBAI

Dubai has officially announced its intention to democratize tourism by creating a virtual business-to-business marketplace for the travel industry, with an additional distribution channel for hotels within two years.

According to Arabian Business, tourism chiefs in the United Arab Emirates’ largest and most populous city hope to provide tourists from around the globe with a plethora of choices from the local tourism industry by utilizing the blockchain’s safe, transparent, and instantaneous environment. A statement by Dubai tourism chiefs explains:

It positions Dubai as a think-thank and innovation leader seeking to truly democratize travel.

The statement also makes clear the initiative’s intention of utilizing smart contracts to provide travel itineraries with transparent prices, allowing tourists to take control over their personalized travel plans.

Democratizing Dubai’s tourism industry with blockchain technology serves three purposes. Firstly, it aims to increase the number of tourists by making it easier than ever to plan your own trip. Secondly, it prevents larger companies from overshadowing smaller companies – thus providing equal opportunity to everyone looking to turn a profit in the tourism industry. Finally, the initiative also facilitates competition in the space by affording newcomers and entrepreneurs the opportunity to get involved, which should increase employment.

Explained Helal Saeed Almarri, director general of Dubai Tourism:

We at Dubai Tourism are determined to carve a reputation as global leaders in tourism innovation, exponentially accelerating our ‘digital, mobile and social’ first strategy. Today travel is undergoing one of the most emphatic sectoral transformations due to the radical pace of technological disruption across every aspect of the consumer journey.

BUILDING THE FUTURE ON THE BLOCKCHAIN

This isn’t the first time Dubai’s famed 10X Initiative has promoted blockchain development in the UAE.

Launched at last year’s 5th World Government Summit by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, chairman of the Dubai Executive Council, Dubai’s 10X Initiative aims to make the city’s government entities 10 years more advanced than the rest of the world in every way, shape, and form.

Building the Future on the Blockchain

As part of the initiative, Dubai’s Roads and Transport Authority recently announced its intention to create a blockchain-based vehicle management system, allowing owners to track their vehicle throughout the duration of its existence — from its construction to its destruction.

source: bitcoinist.com

Legal disclaimer: The insight, recommendations and analysis presented here are based on corporate filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. They are presented for the purposes of general information only, and all the information belongs to the original publishers. These may contain errors and we make no promises as to the accuracy or usefulness of the information we present. You should not make any investment decision based solely on what you read here.